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The UK government has launched its promised consultation on the powers that the Bank of...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-314","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-54","jetpack-related-posts":[{"id":53776,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/views-wanted-on-proposed-changes-to-property-tax-act\/","url_meta":{"origin":314,"position":0},"title":"Views wanted on proposed changes to Property Tax Act","date":"May 5, 2017","format":false,"excerpt":"\r The proposed changes include strengthening the enforcement and information gathering powers of tax officers.\u00a0 The Ministry of Finance (MOF) is inviting the public to provide feedback on proposed changes to the Property Tax Act. The three amendments aim to update legislation and improve tax administration, the ministry said in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":65596,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-proposed-changes-to-property-tax\/","url_meta":{"origin":314,"position":1},"title":"Two proposed changes to property tax","date":"September 6, 2017","format":false,"excerpt":"\r A total of 24 suggestions were received on the Property Tax (Amendment) Bill 2017. The Ministry of Finance will proceed with two proposed amendments to the Property Tax (Amendment) Bill 2017. This follows a public consultation exercise in May which drew a total of 24 suggestions. SEE ALSO: Views\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19374,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/motorist-consultation-launched-to-prepare-the-uk-for-driverless-cars\/","url_meta":{"origin":314,"position":2},"title":"Motorist consultation launched to prepare the UK for driverless cars","date":"July 11, 2016","format":false,"excerpt":"\r Government seeking steer from motorists on everything from collision liablity and car insurance to remote parkingA planned shake-up of motor insurance rules and changes to the highway code have been unveiled by the government in preparation for the arrival of driverless cars on UK roads.While fully autonomous cars are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34664,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bank-of-england-given-new-powers-to-curb-risky-buy-to-let-lending\/","url_meta":{"origin":314,"position":3},"title":"Bank of England given new powers to curb risky buy-to-let lending","date":"November 17, 2016","format":false,"excerpt":"\r Treasury to give Bank ability to restrict size of loans amid concerns that sector may pose a danger to the financial systemThe Bank of England is being handed powers to curb any lax lending in the fast-growing buy-to-let mortgage sector, which it has previously identified as posing a potential\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2267,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-home-in-france-you-may-face-the-uk-buy-to-let-stamp-duty-surcharge\/","url_meta":{"origin":314,"position":4},"title":"A home in France? You may face the UK buy-to-let stamp duty surcharge","date":"January 22, 2016","format":false,"excerpt":"\r Treasury consultation suggests that people who own more than one home anywhere in the world could pay new 3pc surcharge on stamp duty\r \r Source : telegraph.co.uk\r Read more...A home in France? You may face the UK buy-to-let stamp duty surcharge","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":69938,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/further-heathrow-consultation-launched-as-mps-prepare-to-debate-impact-of-scheme\/","url_meta":{"origin":314,"position":5},"title":"Further Heathrow consultation launched as MPs prepare to debate impact of scheme","date":"October 25, 2017","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Further Heathrow consultation launched as MPs prepare to debate impact of scheme","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/314"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=314"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/314\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n The UK government has launched its promised consultation on the powers that the Bank of England\u2019s Financial Policy Committee should have over the buy to let mortgage market.This consultation aims to gather views on how the operation of the nation\u2019s buy to let mortgage market may carry risks to financial stability. It also seeks respondents\u2019 opinions on the specific tools in relation to which the FPC has recommended it be granted powers of direction, including in their impact on business activity and prosperity, on the draft legislation, and on the consultation stage impact assessment.The consultation is primarily targeted at individuals, institutions and associated bodies that would be affected by the FPC\u2019s powers of direction but the government said that it also welcomes the views of other parties interested in housing market policies.Following the consultation, the government will examine the consultation responses and use them to help to define the instrument that will place the powers in legislation. The government will set out how it intends to proceed in a consultation response document in 2016.It comes at a time when the private rented sector (PRS) has grown rapidly in recent years, from 2.5 million properties in 2002 to 5.2 million in 2013, from 10% of the market to 19% respectively.The government believes that the Bank of England should have more tools at its disposal to cool the buy to let market if necessary such as directing regulators to require lenders to place limits on buy to let lending.The amount buy to let investors could borrow as a proportion of the property price, or the loan to value ratio, could be capped or the Bank could also increase the required ratio of expected rental income to mortgage interest payments.Lenders are not fully supportive of more controls currently for the buy to let market and are warning that the market does not necessarily need more regulations and that new rules for by to let landlords, including an extra 3% stamp duty from April 2016, should be allowed to take effect.\u2018We understand the rationale for putting the macro prudential tools at the Bank of England\u2019s disposal, but also recognise that this does not necessarily mean they will be used. In our view, buy to let does not constitute a market that currently requires further macro prudential intervention, especially as the effect of several recent tax changes is yet to be fully felt and evaluated,\u2019 said Council of Mortgage Lenders director general Paul Smee. \u2018We urge policymakers to be mindful of the risk of unintended consequences that could adversely affect the private rented sector, alongside their focus on ensuring that the buy to let market does not pose a threat to financial stability,\u2019 he added.Peter Williams, executive director of the Intermediary Mortgage Lenders Association, suggested that the industry is confused by what the government is trying to do. \u2018In the autumn the Chancellor, in giving evidence to the Treasury…
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\nSource : propertywire.com
\nRead more…UK government launches consultation on buy to let regulation powers<\/a><\/p>\n